Cybercrime targeted at business banking accounts is a serious issue. Do you know the most effective deterrent? It is developing a strong partnership with your bank.
Community banks are safe havens that protect business customers from cyber theft and other crimes jeopardizing their accounts. But preventing security breaches requires diligence from customers as well as their banks. Working together with your bank, you can go far to stamp out unauthorized access by fraudsters.
Team up with your banking institution to fully comprehend and implement the security initiatives that best suit your company. Also work hand in hand with your bank to put into place account safeguards that can help your bank pinpoint and avert unauthorized access to your company’s assets.
Here are a few specific measures your company should initiate.
- Safeguard your company online. Using unprotected Internet connections can leave your company vulnerable to cyber threats. Maintain up-to-date antivirus and anti-spyware. Ensure all sensitive data is encrypted.
- Filter ACH transactions. One way fraudsters may target your company’s accounts is by leveraging ACH to attempt fraudulent transactions. Progressive banks can offer your company the ability to block or filter the ACH transactions on their accounts. With a filter attached, your accounts can be debited through ACH only by companies you have approved.
- Match checks presented with checks authorized. Leading community banks provide a service called Positive Pay. Dollar figures and check numbers of checks presented for payment are compared against a list of checks previously issued and authorized, with unmatched checks flagged as “exception items.”
Secure banking accounts are essential to your company’s survival. Work hand in hand with your bank to make sure they’re as fully protected as possible.
How are you securing your bank account?